TerraPay, a cross-border payments network, and Papara, a fintech company based in Turkey, have partnered to provide users a way to transfer money globally. This partnership aims to eliminate the high cost of cross-border payment for Papara wallet users.

Miller Rodriguez, the Strategic Relationship and Sales Manager Europe-UK at TerraPay, said: "We are thrilled to partner with Papara to redefine the way money moves globally. This collaboration marks a significant step forward in our mission to make cross-border payments more accessible and user-friendly for people everywhere."

Expanding Cross-Border Payments

According to a statement by TerraPay, the cross-border network and Papara will roll out payment solutions over the coming months. In Turkey, the digital payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term sector is expected to grow at a rate of 15% from 2023 to 2027, resulting in a market volume of US $136 billion in 2027, TerraPay indicated.

Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license enables the company to offer its network and infrastructure services to local and international firms, including those in the cryptocurrency sector, across more than 200 countries.

With approximately 50% of TerraPay's revenue originating from Asia, Singapore is a pivotal gateway to Southeast Asian markets, including South Korea, Vietnam, and the Philippines. By integrating with TerraPay's technology and global network in the new partnership, Papara aims to strengthen its financial offerings and facilitate future expansion initiatives.

TerraPay and Papara's Strategic Expansion

In July, Papara entered into a deal with Spain's Beka Finance SV SA, becoming the first fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm in Turkey to reach a valuation of more than $1 billion, Bloomberg reported. This strategic acquisition expanded Papara's offerings to include mobile banking services, such as money transfers, prepaid cards, and cash-back features.

Papara, initially established in 2016 as an electronic payments firm, had been self-funding its growth prior to the partnership with Beka Finance. In addition to core banking services, Papara has expanded its product offerings to include insurance services covering pets, homes, travel, and mobile devices.